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Trump says he's open to alternate probe of Fed's Powell:
President Donald Trump, who has been urged by Republicans to drop U.S. prosecutors' investigation into Federal Reserve Chair Jerome Powell, indicated he may be open to an alternate probe, according to a media report on Friday.
When a Semafor reporter asked him if someone outside the U.S. Justice Department could get the answers he's seeking, Trump said, "[They] could. I mean, look, it's pretty easy."
GOP senators and Treasury Secretary Scott Bessent have suggested congressional investigations could serve the same purpose as the DOJ probe and would then allow the Senate vote on Fed chair nominee Kevin Warsh to proceed. Sen. Thom Tillis (R-NC) vows to block a confirmation vote on any Fed chair nominee until the Justice Department probe ends.
The investigation centers on major cost overruns at the Fed's multibillion-dollar renovation and whether Powell lied to Congress about the project. Several Republican senators have stated that his testimony didn't constitute a crime. Powell and many others see the investigation as a pretext to pressure the Fed to lower rates.
In response to a different question, Trump said, "You have to find out what went wrong," Semafor reported. "It was beautiful, and they ripped it down, and probably because it cost so much to fix it."
The president also took the opportunity to take another swipe at Powell over monetary policy. "On top of that, he's been terrible on interest rates," he said, according to the report.
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